The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana has disclosed that the State Government, under the leadership of Governor Babajide Sanwo-Olu, has paid over N32,276,395,658.43 to 7,998 retirees in the past two years.
Obilana spoke at the 85th Bond Presentation ceremony held recently at the LASPEC Hall, NECA House, Alausa, stating that the State Government considers the welfare of pensioners top priority and is committed to the speedy resolution of all pension issues in the State.
According to him, the present administration is determined to conclude the backlog payments of Accrued Pension Rights at the end of Mr. Governor’s term in office, so that pensioners can receive their entitlements upon retirement from the State’s Public Service on a ‘pay as you leave’ basis.
The Director-General pointed out that 329 Retirement Saving Accounts (RSAs) have already being credited with more than N1 billion in fulfilment of Government’s commitment to retirees’ welfare.
“The Governor is committed to retirees’ welfare despite other contending needs and challenges. Retirees are still on the front burner of his Agenda. It is clear that the financial freedom of the State’s Pensioners is paramount to the leadership of the present administration”, Obilana asserted.
He, therefore, advised retirees to choose the right option for their needs between Annuity and Programmed Withdrawal, urging them not to focus on the decision of others but to ensure they select the choice that best suits them.
Felicia Ojo, one of the retirees, thanked Governor Babajide Sanwo-Olu as well as the Management and Staff of LASPEC for their unflinching support towards the welfare of pensioners in Lagos State.